Big tech groups such as Facebook could “rapidly establish a dominant position” in global finance and pose a potential threat to competition, financial stability and social welfare, according to the Bank for International Settlements.
The BIS, the central bank for central banks, said regulators worldwide may need to “revamp” rules to deal with the structural changes being brought about by entrants that control “key digital platforms” such as ecommerce sites and social networks.
The warnings, in an extract from BIS’s upcoming annual review published on Sunday, highlight regulator unease after Facebook last week outlined its desire to upend the financial system through the launch of Libra, a “global digital currency”.
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